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12 Mar 2023

AUD/USD Price Analysis: H1 M-formation holds the bears hostage for the open

  • AUD/USD´s H1 M-formation, a reversion pattern, holds 0.6600 as a target for the open. 
  • AUD/USD bears need to get below a consolidative pattern and support near 0.6570.

As per the prior analysis and before the Nonfarm Payrolls event on Friday that sent the US Dollar substantially lower, AUD-USD remains in the realms of a geometrical bearish formation:

AUD/USD prior analysis

It was stated that the price was carving out a geometrical box, an ascending triangle, in a downtrend which is considered a bearish chart pattern.

´´Two-way price action can be expected from here with a bearish bias while on the front-side of the bear trend and below the 200 DMA,´´ the analysis stated with 0.6520 being key in this regard as it guarded a move towards 0.6380.

AUD/USD update

The triangle formation has morphed into a sideways consolidation. Of note, an M-formation has formed on this hourly chart:

The M-formation is a reversion pattern and the price can be pulled into the neckline for a restest which is yet to play out, so far. However, it is worth noting for the open this week with 0.6600 being a key level in this regard.

Mar 10, 2023

USD/CHF Price Analysis: Collapses below 20/50-DMAs once bears moved in at the 100-DMA

USD/CHF falls below the confluence of the 20 and 50-day Exponential Moving Averages (EMAs), extending its daily losses to more than 1% Friday. A mixed
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Mar 12, 2023

EUR/USD gaps up as US Dollar gets shunned in the open

EUR/USD 1.0590 target in a 61.8% Fibonacci retracement for the day ahead. On the other hand, a continuation towards 1.0770s could just as easily play
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